FX News Today
- A gloomy IMF outlook: Forecasts for major economies revived recession fears globally and saw risk aversion picking up again.
- The IMF warned that the Sino-US trade war, a “no-deal” Brexit and a weakening European economy could lead to a sharp global slowdown.
- Topix and Nikkei lost -0.63% and -0.47% respectively.
- President Trump calling on China to stop “playing around” and do a “real” trade deal -Added to the negative backdrop for markets.
- The Earnings season is also in full swing and reports from UBS this morning disappointed and only added to lingering risk aversion.
- USDJPY edged out 2-session low under 109.40; Yen firmer amid risk-off vibe.
- EURUSD ebbed to 18-day lows below 1.1350, driven by firming in the Dollar.
- WTI Oil prices back under $54.0 after hitting 7-week high yesterday at $54.39.
Charts of the Day
Main Macro Events Today
- UK Average Earnings Index 3m/y – Expectations – Average weekly earnings are expected to remain perky in the three months to November, expected at +3.3% y/y in both the with- and ex-bonus figures.
- UK Unemployment Rate – Expectations – Unemployment is expected to remain unchanged at 4.1%.
- German ZEW Economic Sentiment– Expectations – Seen falling back to -18.3 from -17.5.
- Canadian Manufacturing & Wholesale Sales – Expectations – Manufacturing shipment values are expected to drop 1.0% m/m in November after the 0.1% dip in October. Wholesale shipment values are seen falling 0.5% m/m in November after jumping 1.0% in October.
Support and Resistance Levels
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